Smith Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows Total sales revenue 1st quarter....S 2nd quarter 3rd quarter 188,000 218,000 257,000 4th quarter S 194,000 Number of jars sold 155,000 182,000 Und savs Plus Desed endeg ventory Total needed 213,000 162.500 Prepare the production budget by test calculating the total unts needed, then calculate the unts to produce Smith Foods Production Budget For the Quarters in the Upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Smith anticipates selling 224,000 jars with total sales revenue of $268,000 in the first quarter of the year following the year given in the preceding table Smith has a policy that the ending inventory of jars must be 30% of the following quarter's sales Requirement Prepare a production budget for the year that shows the number of jars to be produced each quarte) and for the year in total

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please do not give solution in image format thanku 

Smith Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each
quarter of the upcoming year are as follows
Total sales
revenue
1st quarter
S 188,000
2nd quarter $ 218,000
3rd quarter
4th quarter $
257,000
194,000
Number of jars
sold
155,000
182,000
213,000
162.500
Prepare the production budget by first calculating the total units needed, then calculate the units to produce
Smith Foods
Production Budget
For the Quarters in the Upcoming Year
Quarter 1
Quarter 2 Quarter 3
Plus Desired endeg inventory
Total needed
Quarter 4
Year
Smith anticipates selling 224,000 jars with fotal sales revenue of $268,000 in the first
quarter of the year following the year given in the preceding table Smith has a policy that
the ending inventory of jars must be 30% of the following quarter's sales
Requirement
Prepare a production budget for the year that shows the number of jars to be produced
each quarter and for the year in total
Transcribed Image Text:Smith Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows Total sales revenue 1st quarter S 188,000 2nd quarter $ 218,000 3rd quarter 4th quarter $ 257,000 194,000 Number of jars sold 155,000 182,000 213,000 162.500 Prepare the production budget by first calculating the total units needed, then calculate the units to produce Smith Foods Production Budget For the Quarters in the Upcoming Year Quarter 1 Quarter 2 Quarter 3 Plus Desired endeg inventory Total needed Quarter 4 Year Smith anticipates selling 224,000 jars with fotal sales revenue of $268,000 in the first quarter of the year following the year given in the preceding table Smith has a policy that the ending inventory of jars must be 30% of the following quarter's sales Requirement Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in total
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education